Business - Abia ThinkTank News

Mar

2024

Naira Appreciation Continues As USD Supply Surges At Forex Market

Business, CBN/Commercial Banking, Economy, News Flash

Naira Appreciation Continues As USD Supply Surges At Forex Market The Naira continued its appreciation against the US Dollar at the foreign exchange market as USD transactions surged. FMDQ data showed that the Naira appreciated to N1,572.82 per USD upon resumption of trading on Monday compared to 1,602.75 on Friday. The figure represents N29.93 appreciation compared to the N1602.75 it traded on Friday. Similarly, this is first since March 5, 2024, that the country’s currency crossed to N1,572.82 per USD mark from an average of N1,600 per USD. This is because USD transactions surged 2.20 per cent, reaching $140.45 million…

Mar

2024

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By Abia ThinkTank

Gov Otti To Flag-off The Construction Of The 30 Km Arochukwu-Ndi Okereke – Ozuabam

Abia State, Business, Crime, National Assembly, News Flash, Ports/Maritime

PRESS RELEASE His Excellency, Dr. Alex Otti OFR will on Wednesday, 20th March 2024 flag-off the construction of the 30 km Arochukwu - Ndi- Okereke - Ozuabam road. The venue for the flag-off ceremony is Amuvi Roundabout Arochukwu while time is 1:00pm. It's worthy to note that this road project is one of the many road projects that Abia state Government has embarked upon at this time as part of the government's strategic road infrastructure development Initiative aimed at ensuring that all roads in the State are put in very good motorable condition. Therefore, Traditional Rulers from the area, President…

Mar

2024

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By Abia ThinkTank

Investors Gain N2.1 Trillion As Stock Market Sustains Bullish Trend

Business, Economy, News Flash

Investors Gain N2.1 Trillion As Stock Market Sustains Bullish Trend The stock market sustained bullish trend last week as investors on the Nigerian Exchange Limited, NGX, gained N2.1trillion. Though the market recorded mixed sentiment, the gains outweighed the losses as the NGX market capitalisation, which represents the total value of investment on the Exchange, surged to N59.416 trillion at the close of trading on Friday from N57.293 trillion the previous week. In similar manner, another stock market performance indicator, NGX All Share Index, ASI increased by 3.7% to 101,085.25 points from 101,330.85 points. Analysis of transactions last week showed that…

Mar

2024

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By Abia ThinkTank

Submarine Cable Causing Network Issues Repair May Last Up To 5 Weeks – MainOne

Business, News Flash, Telecommunications

Submarine Cable Causing Network Issues Repair May Last Five Weeks – MainOne MainOne, a West African digital infrastructure service provider, says repairing its undersea submarine cables might take one to two weeks, with additional 2-3 weeks of transit time. On Thursday, subsea cable providers were affected by major cuts to undersea submarine cables, disrupting internet traffic in major parts of the continent. This disrupted the services of banks and telecommunications companies in Nigeria. In a statement on Friday, MainOne said an additional two to three weeks of transit time may be required for a vessel to pick up the spares…

Mar

2024

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By Abia ThinkTank

NCC Gives Reason For Disrupted Data, Voice Services

Business, Information Technology, News Flash, Telecommunications

NCC Reveals Reason Behind disrupted Data, Voice Services The Nigerian Communications Commission says a combination of cable faults resulting in equipment faults on the major undersea cables along the West African Coast has negatively impacted data and fixed telecom services in several West African countries. A statement on Friday by NCC said the countries included Nigeria, Ghana, Ivory Coast, Senegal, and Cote de Ivoire, among others. It said the cuts occurred somewhere in Cote d’Ivoire and Senegal, with an attendant disruption in Portugal. “Cable companies – West African Cable System (WACS) and African Coast to Europe (ACE) in the West…

Mar

2024

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By Abia ThinkTank

US House Of Reps Passes TikTok Ban Bill

Business, Foreign Affairs, News Flash, Politics, World News

United States House Passes TikTok Ban Bill The House of Representatives by a wide margin passed a bill that would make it illegal to distribute or host TikTok in the U.S. — effectively blocking it from some 170 million American users — unless Chinese owner ByteDance divests its interest in the popular app. It’s the first time a congressional bill has passed that would outlaw an internet app. The fears among many American lawmakers, who see TikTok as a national security threat: that the Chinese regime could demand access to data on TikTok’s U.S. users or somehow compel it to…

Mar

2024

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By Abia ThinkTank

Binance Set To Exit The Nigerian Market, Ceases Provision Of Services In Local Currency.

CBN/Commercial Banking, Business, Economy, News Flash

🚨BREAKING Binance Set To Exit The Nigerian market, Ceases Provision Of Services In Local Currency. ●Details 👇The platform has informed users that any remaining NGN balances will be automatically converted to Tether (USDT) stablecoin after March 8. Users are advised to withdraw, trade their NGN assets, or convert them into cryptocurrency before this deadline. In addition, trading pairs involving NGN and the ability to deposit using NGN will cease temporarily. Moreover, NGN will no longer be a supported payment method across Binance's range of services.

Mar

2024

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By Abia ThinkTank

Nigerians Now Opt For Container Houses, Avoiding High Cost Of Cement

Business, Economy, News Flash

High Cost Of Cement: Nigerians Opt For Container Houses As the economic downturn continues, all areas of Nigerian lives and plans are also striving to grapple with the situation, as areas like housing and rent are also being affected. Nigerians are used to building with cement, but now have to go for other alternatives, as the price of cement is now on the high side. Gone are the days when a quarter plot owner who earns N50,000 monthly can hurriedly place one or two blocks on his or her land. The high cost of cement has affected rent and even…

Mar

2024

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By Abia ThinkTank

President Tinubu Sign Multi-Sectoral Agreements With Qatar, Set To Receive Their Investment Team

Economy, Abuja, Business, Foreign Affairs, News Flash

President Tinubu Welcomes, Sign Multi-Sectoral Agreements With Qatar; Set To Receive Qatar’s Investment Team In Abuja President Bola Ahmed Tinubu, and His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, on Sunday in Doha, witnessed the signing of historic agreements between both nations, opening a gateway for leveraging the potential of mutual cooperation in pivotal sectors of education, enterprise development, investment promotion, youth empowerment, mining, tourism, and sports Before the signing ceremony at the Qatar Presidential Palace, President Tinubu assured his host of Nigeria’s preparedness to welcome investors into the country, noting the ongoing reforms…

Mar

2024

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By Abia ThinkTank

Bashir Ahmad Commends Gov Otti On His Proposed Collaboration With A Chinese Company For A Light Rail Project

Abia State, Business, Economy, Good Governance, News Flash

Bashir Ahmad, a member of the All Progressives Congress (APC) and former aide to ex-president Muhammadu Buhari, expressed his approval after Abia State Governor, Dr. Alex Otti, announced a collaboration with a Chinese company for a light rail project. In a post on his official X handle, Bashir Ahmad commended Governor Otti for engaging in this partnership, emphasizing its potential to attract more investment opportunities to Abia State. He highlighted the positive impact it could have, enabling the state to compete effectively on a broader scale. Bashir Ahmad's message on his page conveyed admiration for Abia State Governor's decision to…